This home buying incentive provides a forgivable down payment and closing cost loan to first time homebuyers with family incomes of 80 percent or below the area median income. (First time homebuyers are defined by federal standards as not having owned property for 3 years or more).
What are the benefits?
$5,000 is awarded as down payment and closing assistance. Award is structured as a 5-year loan, forgivable 20% each year.
What else do I need to know?
• Contract of Sale must be executed on January 1, 2010 or later. Contracts that have already gone to settlement do not qualify.
• Property must be located in Baltimore City.
• Buyer must contribute at least $1,000 towards purchase and must use the property as their primary residence.
• Buyer must attend homeownership counseling and obtain a pre-purchase counseling certificate.
• The buyer must secure an HQS (Housing Quality Standard) Home Inspection on the property. (Qualified home inspectors can be found at www.ashi.org or www.nahi.org).
• The home must be free of any flaking, peeling or chipping paint surfaces.
• Closing on the property must occur within 90 days of the contract date.
• Household income cannot exceed the following amounts (2009):
1 person $44,800
2 person $51,200
3 person $57,600
4 person $64,000
5 person $69,100
6 person $74,250
7 person $79,350
8 person $84,500
HISTORY OF INTEREST RATES
HOW RATES HAVE TRACKED SINCE 1974
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